The European Commission unveiled a proposal to allocate €100 billion ($104.94 billion) to bolster the production of clean technologies within the EU. This initiative is a central element of the Clean Industrial Deal, which aims to enhance the competitiveness of European industries, particularly those that are energy-intensive and grappling with elevated operational costs and bureaucratic challenges. The goal is to help these sectors maintain their market position against global competitors.

As part of this comprehensive plan, the Commission intends to collaborate with the European Investment Bank to establish guarantee schemes. These schemes are designed to alleviate the financial burden associated with long-term renewable energy contracts and to provide support for manufacturers of electrical grids. This approach not only aims to reduce costs but also to promote the adoption of sustainable energy solutions across the continent.

Additionally, the proposal includes the establishment of an EU Critical Raw Material Centre, which will focus on the collective procurement of essential metals and minerals needed for the energy transition. This initiative is part of a broader strategy that seeks to streamline regulations and implement carbon duties, pending approval from the European Parliament and a reinforced majority of EU member states. By prioritising sustainability, this plan aims to ensure a greener and more competitive future for European industries.